1. Field of the Invention
The present disclosure relates to computer-implemented systems and methods for facilitating financial transactions of bundles of properties.
2. Description of the Related Arts
A mortgage is said to be “under water” if the outstanding balance on the mortgage exceeds the current value of the property mortgaged. In such a situation, a borrower of such a mortgage may seek a “short sale” in which he or she locates a buyer who offers to purchase the property at a price that is often below the outstanding balance of the mortgage. For example, if a house is currently worth about $375,000 and the mortgage owed on the house is $450,000, a short sale offer may be priced at $350,000. The mortgage holder would take a loss of $100,000 ($450,000-$350,000) if it accepts the offer. Although the loss would be substantial, the mortgage holder may nonetheless accept the short sale offer for a number of reasons, including the possibility of further losses if the property were to fall into foreclosure, or the possibility of further price decline in the property market. As such, the process of evaluating whether to accept a short sale offer often requires careful consideration of many factors, which prolongs the processing time of such transactions.
To further complicate the matter, in certain short sale situations there may exist multiple junior mortgages on the subject property, in which case all mortgage holders involved must agree to the short sale offer in order for the transaction to complete. The multiple-lien scenarios often force mortgage holders on the subject property into a stalemate in which an agreement becomes nearly impossible to reach due to the need for multiple parties to agree to take financial losses up front. When this occurs, short sale transactions are either delayed or prevented from occurring altogether, and the subject properties eventually wind up in foreclose and cause additional losses for all parties involved.